Robi enters into venture capital business

Staff Correspondent

2 July, 2021 12:00 AM printer

Robi enters into venture capital business

Robi Axiata has expanded its footprint into venture capital business through launching a private equity fund titled ‘R-Venture’ to support local startups.

The operator released the Alternative Investment Fund (AIF) under its tech venture RedDot Digital to promote digital entrepreneurship, said a press release on Thursday.

Bangladesh Security Exchange Commission (BSEC) Chairman Prof Shibli Rubayat Ul Islam attended the launching ceremony as the chief guest while Commissioner Dr Shaikh Shamsuddin Ahmed was present as the special guest at a local hotel in the capital on Wednesday.

Regarding the development, SBK Tech Ventures Managing Director Sonia Bashir Kabir and RedDot Digital Managing Director Dr Asif Naimur Rashid signed an agreement.

In the alternative investment, RedDot Digital is the sponsor of the fund while SBK Tech Ventures will act as fund manager and Green Delta Insurance will act as trustee.

Besides, IDLC Investments and Acnabin will perform the roles of valuer and auditor respectively in the fund management.

BSEC chairman appreciated the initiative of forming R-Ventures to support the young entrepreneurs of the country.

Speaking on the occasion, Robi’s Managing Director and CEO Mahtab Uddin Ahmed said that the company is proud to be unveiling the alternative investment fund as R-Ventures to ensure reliable finance and mentorship to the promising digital start-ups.

“Apart from securing the investment fund, R-Ventures will provide valuable management advisory and mentoring support to the participating digital start-ups,” he said.

He also informed that R-Ventures will plug digital start-ups to a strong investors’ network for securing the funding.

SBK Tech Ventures Founder Sonia Bashir Kabir, Robi Chief Commercial Officer Shihab Ahmad and Venture Capital and Private Equity Association of Bangladesh (Vcpeab) Chairman Shameem Ahsan spoke on the occasion.